Toyota recently announced that it may introduce the GPS device on the financed vehicles. The company is planning to offer this particular service as per the bank requirements.
According to Toyota, countries such as Thailand and Singapore, where Toyota’s finance arm works offer a similar feature against the financed vehicles. The main motive of issuing a GPS tracker on the Toyota vehicles is to locate the loan defaulters. Meanwhile, it will also work as a car tracker for the customers and insurance companies in case of theft.
However, the company will assign the production of GPS devices to the local manufacturers. The reason behind the production of the GPS devices locally remains to be the low incurred cost and affordable price. However, it will also provide convenience to both the customers as well as the carmaker. The GPS tracker will go through all the quality checks while being a tamper-proof unit.
However, in a statement N Raja, MD & CEO, Toyota Kirloskar Motors stated that “The GPS system will ensure safety as well as benefit customers. It will improve security and reduce chances of theft. We are looking out to get the right equipment and are trying to tie up with vendors so that we can localise the product and give it to our customers at an affordable price. We will bring such a programme to India once we are able to lay our hands on the equipment. The insurance firms, too, will see it as a positive move as it will reduce the possibilities of theft, and will likely pass on the benefits of drop in claims to customers by way of reduced insurance premiums.”
According to the Toyota Financial Service, one out of every three vehicles sold in India opts for the finance service.